The number of new homes coming to the market increased 7.3% annually across the UK according to a recent report from estate agent haart.
The Volume of new buyers coming to market dips 2.8% annually with 9.5 buyers chasing every property for sale across the UK, down from 14.4 in January 2014.
National property prices remain robust, increasing 8.1% annually to £204,216 – the highest average price over the last two years.
The switch to a buyer’s market is more pronounced in London as new buyers fall 15.7% but property supply soars 32.3%.
Paul Smith, CEO of haart, the UK’s largest independent estate agent, with a network of over 200 branches, comments:
“The second half of 2014 marks a shift in favour of buyers as healthy volumes of stock return to the market. Many homeowners are adopting a now or never attitude to take advantage of the continuing strength of the market having seen their equity rocket over the last year at a time when mortgage deals with decent loan-to-values are still available. Interest rates are to remain at historic lows until the start of 2015 at least and this is helping wider confidence.
“At the start of this year demand for homes was growing at a far greater rate than property supply but this trend has flipped and stock is coming to the market in healthy levels, up 7% annually, yet demand has fallen by almost 3% in the same period. There are now around 10 buyers chasing every property for sale, down from 14 at the start of this year. So the market is still competitive, but buyers now have more choice.
“As positive market sentiment continues this year, and people return from their summer sojourns, we fully expect a busy autumn with a higher volume of sales transactions.”
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